A will is a legal document that instructs the administration and distribution of what a person owns (his ‘estate’) among his beneficiaries after his death. This person is called the ‘testator’. ‘Beneficiaries’ are those who inherit or benefit under the Will. The ‘Executor’ is the person nominated by the testator to administer and distribute his estate upon his death. Usually, the same person is appointed as executor and trustee (a person who has the power to hold the estate of the deceased upon his death).
If there are beneficiaries who are minors (persons under the age of 21 years) named in your Will, it will be preferable to have at least two Executors/Trustees who will be able to administer or hold any assets or invest or use any money for the benefit of the minors.
Problems created by dying without a will
- Your estate will be distributed according to section 7 of the intestate succession act, which might not reflect your desire.
- Your loved ones need to apply to the court to be the administrators of your estate. A secured creditor can also apply to the court as an administrator.
- Your estate settlement process could be delayed unnecessarily.
- Your business could collapse because there is no known successor to your business.
- Your company’s benefit payout would be delayed because the process of court granting a letter of administration is typically longer than grant of probate.
- Your life insurance proceeds could also be delayed because of item 5.
- Your estate need to have at least two administrators if there are minor beneficiaries
- Your estate needs to furnish an administration bond if there are minor beneficiaries.
- If you die in an accident, it is in your family’s interest to have a legal representative (i.e. administrator or executor) of your estate engaged as soon as possible in order to commend a legal suit.
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
Preferably, though it is not compulsory. If you are at least 21 years of age and are of sound mind, you may make your own Will without consulting a lawyer. But the risk is that your home-made Will may be ineffective or invalid, causing your beneficiaries to suffer unnecessary expense. It is therefore in your interest to consult a lawyer who can advise you and draft your Will for you according to the law. At Summit Planners Pte Ltd, we have a dedicated lawyer to serve your needs.
However, if you are a soldier in active military service, or a mariner at sea, you may make a Will even if you are under 21 years of age
